What were Bitdeer Technologies Group's (NASDAQ:BTDR) total revenues for Q1 2026?

Bitdeer reported total revenue of $188.9 million for Q1 2026, marking a nearly 170% increase compared to $70.1 million in Q1 2025. The significant growth was largely driven by its self-mining business and the deployment of proprietary hardware.

How did Bitdeer’s self-mining business perform in Q1 2026?

Bitdeer’s self-mining business generated $146.9 million in Q1 2026, contributing the majority of the company’s total revenue. This growth was fueled by the successful deployment of Bitdeer’s SEALMINER hardware across its global data center fleet.

What was the impact of Bitdeer’s expansion on its profitability in Q1 2026?

While Bitdeer’s revenue surged, the expansion resulted in a gross loss of $39.0 million due to the high costs associated with scaling its operations. The net loss for Q1 2026 reached $159.5 million, primarily driven by non-cash fair value adjustments on digital assets and the absence of one-time gains from the previous year.

What progress did Bitdeer make in its pivot toward AI infrastructure in Q1 2026?

Bitdeer’s AI cloud business reached an annualized recurring revenue (ARR) of approximately $69 million by April 2026, driven by high utilization rates for its NVIDIA-powered GPU clusters. The company is also converting legacy mining sites, including its Tydal, Norway facility, into AI-ready data centers to meet growing demand for high-performance computing.

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Bitdeer revenue rallies to $189M amid aggressive AI and mining expansion

Q: How did Bitdeer’s adjusted EBITDA perform in Q1 2026?

Bitdeer’s adjusted EBITDA turned positive at $14.4 million in Q1 2026, indicating improved operational efficiency in its core mining processes despite the net loss. This reflects the company's ability to drive growth while managing costs.

Written by Brie CarterPublished May. 14 2026Last Updated May. 14 2026

Bitdeer Technologies Group (NASDAQ:BTDR) reported a significant top-line surge for the first quarter of 2026, as the company scales its self-mining operations and accelerates its pivot toward high-performance computing (HPC) and artificial intelligence infrastructure.

While the expansion drive led to a substantial net loss for the period, the company’s underlying operational metrics showed record growth in hash rate and electrical capacity.

Bitdeer reported total revenue of $188.9 million for the quarter ended March 31, 2026, a nearly 170% increase compared to the $70.1 million reported in the first quarter of 2025.

The revenue growth was primarily powered by the company’s self-mining business, which brought in $146.9 million as Bitdeer successfully deployed its proprietary SEALMINER hardware across its global data center fleet.

The rapid scaling came with significant costs.

The company reported a cost of revenue of $228 million, resulting in a gross loss of $39.0 million.

Net loss for the quarter reached $159.5 million, or $1.42 per share, compared to a net income of $105.3 million a year ago—a swing largely attributed to non-cash fair value adjustments on digital assets and the absence of one-time gains recorded in the prior year.

Despite the net loss, adjusted EBITDA turned positive at $14.4 million, reflecting improved operational efficiency in its core mining processes.

The company's strategic pivot toward AI infrastructure gained momentum during the quarter.

Bitdeer’s AI cloud business reached an annualized recurring revenue (ARR) of approximately $69 million by April, driven by high utilization rates for its NVIDIA-powered GPU clusters.

The company is currently converting several legacy mining sites, including its Tydal, Norway facility, into AI-ready data centers to meet surging enterprise demand for high-performance compute.

Financially, Bitdeer remains heavily capitalized for its expansion.

The company ended the quarter with $297.7 million in cash and restricted cash, alongside $245 million in digital assets.

While total borrowings stood at $1.9 billion, much of this is comprised of long-term convertible notes used to fund its multi-gigawatt infrastructure pipeline.